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XYZ Corp, a US firm, expects to receive cash dividends from a Japanese joint venture...

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Finance

XYZ Corp, a US firm, expects to receive cash dividends from a Japanese joint venture over the coming 3 years. The first dividend to be paid at the end of year 1 is expected to be JPY 10,000,000. The dividend is then expected to grow at 10% per year over the following 2 years. XYZ's weighted average cost of capital is 8%. The JPY divident at the end of year 3 should be:

a. JPY 9,000,000

b. JPY 10,100,000

c. JPY 12,100,000

d. JPY 13,310,000

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